Cryptocurrencies correlations

Knowledge of the correlation coefficient between assets gives a wide spectrum of advantages.
Modern portfolio theory allows you to create and optimise a portfolio with uncorrelated assets.
Negative correlation provides a possibility to hedge positions.

How to identify digital asset correlations

Correlation chart

The tool can help to understand the correlation coefficient changes in time.
Choosing the assets and the time frame you are interested in, brings the chart with the token rates and the correlation changes.

Correlation matrix

The tool helps to preselect crypto assets for the cryptocurrencies portfolio.
Select the assets you want to be compared with to see the correlation strengths between all of them.

Correlations with a coin or token

There is also the way to find the relation in returns from the particular crypto asset.

Or choose the asset from the list:

Stocks, precious metals and cryptocurrencies

Basing on past returns, crypto assets have not revealed any signs of correlation with stock indexes and metals in the long run.
The matrix of correlations between different asset classes confirms the thesis.

BTC ETH XRP GLD SLV ^DJI ^GSPC ^IXIC DX-Y.NYB
BTC 1.00 0.50 0.22 0.02 0.01 0.06 0.06 0.06 -0.01
ETH 0.50 1.00 0.24 0.09 0.09 0.11 0.11 0.11 -0.00
XRP 0.22 0.24 1.00 0.04 0.05 0.08 0.08 0.09 -0.04
GLD 0.02 0.09 0.04 1.00 0.80 0.02 0.04 0.03 -0.41
SLV 0.01 0.09 0.05 0.80 1.00 0.19 0.21 0.20 -0.42
^DJI 0.06 0.11 0.08 0.02 0.19 1.00 0.97 0.78 0.01
^GSPC 0.06 0.11 0.08 0.04 0.21 0.97 1.00 0.85 -0.02
^IXIC 0.06 0.11 0.09 0.03 0.20 0.78 0.85 1.00 -0.00
DX-Y.NYB -0.01 -0.00 -0.04 -0.41 -0.42 0.01 -0.02 -0.00 1.00

However the relation has changed since 12/03/2020 crash.
It is visible when looking at the chart comparing BTC and S&P 500 Index from the Black Thursday.



High market capitalisation cryptocurrencies correlations

BTC ETH BNB XRP DOGE ADA BCH LTC LINK XLM VET ETC EOS THETA OKB
BTC 1.00 0.50 0.42 0.22 0.10 0.66 0.55 0.28 0.43 0.42 0.15 0.49 0.51 0.48 0.47
ETH 0.50 1.00 0.41 0.24 0.22 0.73 0.63 0.47 0.53 0.43 0.16 0.59 0.58 0.50 0.47
BNB 0.42 0.41 1.00 0.31 0.08 0.39 0.34 0.41 0.33 0.33 0.11 0.32 0.40 0.22 0.48
XRP 0.22 0.24 0.31 1.00 0.18 0.59 0.44 0.28 0.38 0.56 0.12 0.30 0.47 0.38 0.37
DOGE 0.10 0.22 0.08 0.18 1.00 0.25 0.24 0.04 0.20 0.31 0.07 0.28 0.23 0.17 0.11
ADA 0.66 0.73 0.39 0.59 0.25 1.00 0.64 0.68 0.51 0.72 0.16 0.57 0.66 0.42 0.38
BCH 0.55 0.63 0.34 0.44 0.24 0.64 1.00 0.60 0.39 0.41 0.14 0.58 0.59 0.43 0.40
LTC 0.28 0.47 0.41 0.28 0.04 0.68 0.60 1.00 0.42 0.44 0.15 0.56 0.54 0.48 0.46
LINK 0.43 0.53 0.33 0.38 0.20 0.51 0.39 0.42 1.00 0.42 0.13 0.40 0.45 0.39 0.33
XLM 0.42 0.43 0.33 0.56 0.31 0.72 0.41 0.44 0.42 1.00 0.16 0.40 0.46 0.41 0.35
VET 0.15 0.16 0.11 0.12 0.07 0.16 0.14 0.15 0.13 0.16 1.00 0.13 0.13 0.10 0.07
ETC 0.49 0.59 0.32 0.30 0.28 0.57 0.58 0.56 0.40 0.40 0.13 1.00 0.51 0.39 0.39
EOS 0.51 0.58 0.40 0.47 0.23 0.66 0.59 0.54 0.45 0.46 0.13 0.51 1.00 0.43 0.44
THETA 0.48 0.50 0.22 0.38 0.17 0.42 0.43 0.48 0.39 0.41 0.10 0.39 0.43 1.00 0.28
OKB 0.47 0.47 0.48 0.37 0.11 0.38 0.40 0.46 0.33 0.35 0.07 0.39 0.44 0.28 1.00

negatively correlated and uncorrelated altcoins (measured in BTC)

token1 token2 correlation days
PAXG SNT -0.16 561
KNC NEO -0.11 1709
SNT XAUT -0.11 321
OMG XTZ -0.10 1419
LTC XAUT -0.10 321
BCH PAXG -0.09 561
BCH XAUT -0.09 321
BEAM PAXG -0.08 561
FTT XTZ -0.08 882
FTT LTC -0.07 882
DCR FTT -0.06 882
FTT ICX -0.06 882
FTT LRC -0.06 882
BTT FTT -0.06 828
BTM VET -0.06 1337

The strongest crypto assets correlations (measured in BTC)

token1 token2 correlation days
PAXG XAUT 0.90 321
HT OKB 0.70 1098
NEO ONT 0.60 1154
BTM ONT 0.54 1154
ADA SNT 0.54 1320
BNB HT 0.54 1178
XMR ZEC 0.51 1419
DASH XMR 0.49 1419
MIOTA ONT 0.48 1154
ATOM KAVA 0.48 541
EOS ONT 0.47 1154
SNT XLM 0.47 1415
KAVA XTZ 0.47 541
ADA XLM 0.47 1320
BNB OKB 0.47 1098